Re: What is alternate option to Zync now?

Revelate wrote:

jsucool76 wrote:

Revelate wrote:

gettnthere wrote:

Revelate wrote:

There's a few threads on this already today; however, multiple people have called and it's been confirmed by multiple CSR's that the Zync is no longer available for application over the phone, via mail, or online.

Jury is still out on what happens to the current Zync holders... but as long as there is life on Zync Island (i.e. the card simply doesn't get dropped along with the cardholders, which I doubt for that second bit) I'll be OK with it.

Revelate,

I bet you are happy you decided to go ahead an app for Zync instead of waiting until the end of the year. Another couple weeks and i think you would have missed the cut-off.

Oh extremely, and while I was thinking about it I do owe you a beer at some pointfor prodding my thinking that day and just getting off the fence and making the application.

This news doesn't really hurt me as I think Amex will want me as a customer over the long term, I just have to prove to them that fact; however, I don't think they're just going to unilaterally drop us into the abyss so I'm pretty optimistic things will work out for me and the other Zync cardmembers.

I'll take one too

Well if you get out to the LA area let me know.

MrShush: while there have been some complaints regarding the AF that the higher tier charge cards have (and that's more a function of the $0 AF zealotry on this forum I think), the bigger issue is that the Green is frankly a shoddy card compared to the Zync. Incidently so are the rest of the charge cards for me, I don't travel and the rest of the reward structure is so last millenium.

There really isn't any other card in the Amex lineup that I'd consider an everyday card for me: I can't find anything with a restaurant multiplier and for me that's around 1K / month these days unfortunately. The connect pack is unique short of maybe the US Bank Cash+, which I'm nowhere remotely close to qualified for, I'm not even certain if I could get a Citi TY points card (Forward?) or the Chase Amazon Visa and no shot at the CSP except as just amusement factor which I flatly refuse to do in a run-up to a mortgage when it comes to getting something for my restaurant spend.

This was an elegant card for most of us, and it's not even about the AF in my case, I'll pay effectively a wasted $90 AF for backdating and relationship building, but even at my income levels which are probably easily in the top 5% of this forum right now, one can't expect me to be happy about losing another $315ish/year on a Green over the Zync. That's HOA fees for 1-2 months in whatever condo I try to slide into in the near term, and just bad financial sense regardless (~1200/mo spend between restraurants and covered connect pack utilities, might be higher than 2:1 multiple on some with the Eco pack even).

If you don't travel then I agree that charge cards really don't suit what you need. But the Zync's rewards were mediocre at best because they earned Express points which were valued at under 1 cent per. Using full MR points converted to frequent flyer miles, especially when you get bonus conversion offers, can make those points vastly more valuable. The PRG, while obviously a better rewards card than gold/green, has a steep 175.00 AF. I don't understand how they can charge such a high AF and market it to travelers, but still charge a forex fee?

They never pushed the Zync as if it were in their longterm plans. I have never seen a zync in person either.

Re: What is alternate option to Zync now?

I had the app itch last month and seriously considered going for the Zync. Instead, I was "good" and stayed in the garden. ***sigh*** Well, hopefully come June (having stayed in the garden for a year) I will "have what it takes" for Amex to consider me for one of their other cards.

My scores currently hover in the 700 range, I have no baddies other than two 30 days late on an auto payment from 2009, and as of June I will have 5 cc's that will be over a year old. Of course at app time I will have my utilities at around 9%. With that being said, does anyone have any opionon on what Amex card I should app for in June?

Re: What is alternate option to Zync now?

Koop10010 wrote:

I'd really find it hard to believe the Zync was anyone's goal card. It may have been a good card to use for awhile, but it seems like there are all kinds of better choices out there once you have (re)built your credit. I'm sure Amex won't force everyone out of the card for awhile, so just continue using it for now and you will probably be able to qualify for a better card before you are forced out.

That depends on your definition of goal card. I set goals in short (one year or less), mid (1-3 years) and long (3+) timelines for any of my financial decisions involving credit of any sort.

Everyone's credit profile is different, and it's not a single big jump for me to the high-end cards. I'm actually very surprised (and pleased) that my score has gone up as much as it has over the 10 months I've gotten serious about this, and when you combine backdating, a rewards structure which works for me, and a underwriting criteria I thought I might be able to hit in a year, why isn't it a legitimate short-term goal card?

Long term I agree, probably any of those cards I listed earlier would be a better card for me, but I wouldn't have been able to qualify for them this year, possible exception maybe of a Chase Amazon and that's only because I'm dropping checks into a Chase deposit account. With the theoretical mortgage dominating my mid-term goals, any future credit card attempts just have to wait. If Amex didn't backdate, I wouldn't have even applied for the Zync most likely... backdating is non-trivial benefit in the mid/early long-term for me.

In the future I admit the Zync isn't expected to be in my lineup, but if you can derive decent value from a card over a two year period as compared to the rest of your portfolio, and for whatever reason you can't get something better, why not take it? TBH, for me even a BOFA secured card was a goal card when I started, though I had a completely reasonable expecation of being approved for it... but that was last year's goals, this year's goal was a Zync along with getting my FICO into mortgage territory at least.

I know this doesn't match most people's view of the world, but it's where my head's at anyway when it comes to the Zync being a "goal" card.

Re: What is alternate option to Zync now?

AZHeather wrote:

I had the app itch last month and seriously considered going for the Zync. Instead, I was "good" and stayed in the garden. ***sigh*** Well, hopefully come June (having stayed in the garden for a year) I will "have what it takes" for Amex to consider me for one of their other cards.

My scores currently hover in the 700 range, I have no baddies other than two 30 days late on an auto payment from 2009, and as of June I will have 5 cc's that will be over a year old. Of course at app time I will have my utilities at around 9%. With that being said, does anyone have any opionon on what Amex card I should app for in June?

I'm guessing Amex underwriting is going to change again, but based on their current stance, in June '13 you could likely pick any of their cards honestly with incredibly few exceptions... and those exceptions don't include BCP/SPG which are about as good as it gets with Amex revolvers depending on your needs.

Re: What is alternate option to Zync now?

Koop10010 wrote:

I'd really find it hard to believe the Zync was anyone's goal card. It may have been a good card to use for awhile, but it seems like there are all kinds of better choices out there once you have (re)built your credit. I'm sure Amex won't force everyone out of the card for awhile, so just continue using it for now and you will probably be able to qualify for a better card before you are forced out.

It was my "goal" card. I wanted a charge card that could do 3 things: work at Costco, allow me to charge large purchases (that exceed my credit limit on revolving cards), get Amex purchase protection for complex or high risk items I order on the internet. The zync did all three of these for much less than the green.

People go on and on about MR vs MRE, but I got 1cent/point every time I converted points to Home Depot GCs. No fees, worked great. I know you can't push points to airlines, but with a green card I wouldn't have had enough points to make it a concern. Also, I fly United and Southwest almost exclusively, so pushing miles to partners I don't use isn't really useful either.

Plus, at the moment I don't have another card that has a restaurant multiplier. Yes, I eventually plan to use either a CSP or Citi Forward for this, but that is probably a year away. In the meantime, I have already run about 4000 in restaurant spending through the card, so Green would have yielded at least 4000 fewer points.

I am not averse to paying annual fees. 4 of my 6 cards have fees. I earn plenty of money, but I did the math and once I subtract the $125 difference between PRG and zync, I still would have earned more points using Zync. Green and Gold are relics and Platinum, while easily affordable, is not something I would use enough to justify. I don't need prestige from my cards. And if I did, I've gotten plenty of waiters impressed with my "white" Amex already.

I honestly plan to keep the Zync as long as it works. One of these days, I'm going to burn out on clinical medicine and may very well accept one of the consulting jobs I get offered. That would mean weekly travel, etc. and I would clearly migrate to a PRG or Platinum. But otherwise, the Zync gives me exactly what I want for the least amount of outlay. And despite what several have suggested, I think Amex is just fine with me as a member and has no desire to see me go away.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.